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Jeep has revealed the price of the Liberty-replacing compact SUV to wear the Cherokee badge.

The base level of the Jeep Cherokee will be the Sport model with a starting U.S. MSRP of $22,995. This Cherokee will have, according to Jeep, a fuel economy rating of up to 31 miles per gallon (mpg), through the help of a nine-speed automatic transmission.

Jeep said this represents fuel economy improvements of more than 45 percent versus the outgoing Liberty model.

The Cherokee Sport model is powered by the new 2.4-liter MultiAir2 Tigershark 4-cylinder engine which produces 184 horsepower and 171 pound-feet of torque.

The Sport model will, according to Jeep, have a driving range on a tank of gasoline of nearly 500 miles.

“The all-new 2014 Jeep Cherokee is entering the largest SUV segment in North America with an unmatched combination of capability, fuel efficiency, technology, safety and value,” said Mike Manley, President and CEO – Jeep Brand, Chrysler Group LLC. “Jeep Cherokee is absolutely packed with content that includes numerous industry and segment ‘firsts’ that directly translate to a tremendous value for consumers shopping in the mid-size SUV segment, which boasts two million sales annually in North America and five million globally.”

The 2014 Jeep Cherokee is available in four different trim levels: Sport, Latitude, Limited and Trailhawk.

Following are the starting U.S. MSRPs for each 2014 Jeep Cherokee model (all exclude $995 destination):

Jeep Cherokee Sport 4×2: $22,995

Jeep Cherokee Sport 4×4: $24,995

Jeep Cherokee Latitude 4×2: $24,495

Jeep Cherokee Latitude 4×4: $26,495

Jeep Cherokee Limited 4×2: $27,995

Jeep Cherokee Limited 4×4: $29,995

Jeep Cherokee Trailhawk 4×4: $29,495

For comparison, the 2014 Jeep Cherokee’s starting price is $400 less than the outgoing 2012 Liberty model, which started at $23,395 for Sport 4×2 models and $25,395 for Sport 4×4 models.

No word yet on whether a diesel model will make it to North America.

Update (June 11, 5:00 PM)

Chrysler Canada has unveiled the canadian-market prices for the new Cherokee: